Research On The Relationship Between Transfer Of A Share Listed Companies And Equity Pledge Of Controlling Shareholders In China

A large number of data show that the A shares listed companies frequently carry out the transfer after the pledge of equity.From the perspective of behavioral finance,this paper studies the relationship between the transfer and the equity pledge of the controlling shareholders.This paper first summarizes the related literature of transfer and equity pledge,and finds that most of the scholars agree on the motivation of forwarding,and that the transfer is good news for the enterprise,and the equity pledge is a bad news.Based on this,this paper puts forward the following three basic assumptions,hypothesis 1: transfer is one of the short-term market value management means after the stock pledge of the listed company,and through the impact of the stock price to the equity pledge service.Hypothesis two: when other conditions are equal,the positive relationship between equity pledge and transfer is more significant in private holding enterprises.Hypothesis three: after carrying out equity pledge,the long-term performance of enterprises will decline if they are transferred.Secondly,this paper uses 10848 data of A shares listed companies in China for 2006-2015 years as the research sample,and makes a statistical description of the present situation of transfer and equity pledge,and then verifies the hypothesis one,hypothesis two,hypothesis three,and then carries out robustness tests from three aspects: endogeneity inspection,high transfer of data and non first major shareholders.The regression test was carried out.At the end of this paper,the correctness of the three hypotheses is obtained,which shows that transfer is a stock pledge service of the controlling shareholders.As a short-term market value management means,transfer can have a positive impact on the stock price and dividend policy of the company,but it can not improve the long-term performance of the company.As a small investor,we should understand the essence of equity pledge delivery and rational investment.